Business & Tech
Report: Sears Moves Forward to Spin Off Outlet Stores into Separate Company
No word yet on how this might affect the Sears Outlet on Cass Avenue in Darien.
Customers of the Sears Outlet store on Cass Avenue in Darien might be seeing some changes in the future. Earlier this year, the Associated Press reported Sears' plan to spin off some of its smaller Hometown and Outlet stores, along with some hardware stores into a separate, publicly traded company. The deal is expected to raise $400 to $500 million for the Hoffman Estates-based company.
The Sears Outlet at 7415 Cass Avenue in Darien is one of 352 outlet and hometown stores in the Chicago area.
According to the Tribune, when the spinoff documents were filed Monday with the Securities and Exchange Commission, Sears stock shot up more than five percent during early trading.
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No word yet on how the spinoff will affect customers, but Patch will post updates as information becomes available.
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